Mirae Asset Global Investments Co. Ltd. Acquires 18,371 Shares of Avery Dennison Co. (NYSE:AVY)

Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Avery Dennison Co. (NYSE:AVY – Get Rating) by 179.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 28,608 shares of the industrial products company’s stock after acquiring an additional 18,371 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Avery Dennison were worth $5,178,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the business. Vanguard Group Inc. boosted its position in shares of Avery Dennison by 0.5% during the 3rd quarter. Vanguard Group Inc. now owns 9,776,843 shares of the industrial products company’s stock valued at $1,590,693,000 after acquiring an additional 47,300 shares during the last quarter. Lazard Asset Management LLC boosted its position in shares of Avery Dennison by 48.0% during the 1st quarter. Lazard Asset Management LLC now owns 1,748,006 shares of the industrial products company’s stock valued at $304,099,000 after acquiring an additional 566,938 shares during the last quarter. Lord Abbett & CO. LLC boosted its position in shares of Avery Dennison by 16.9% during the 3rd quarter. Lord Abbett & CO. LLC now owns 1,124,442 shares of the industrial products company’s stock valued at $182,947,000 after acquiring an additional 162,364 shares during the last quarter. Boston Partners lifted its position in Avery Dennison by 66.8% in the 3rd quarter. Boston Partners now owns 907,608 shares of the industrial products company’s stock worth $147,675,000 after buying an additional 363,404 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in Avery Dennison by 0.4% in the 3rd quarter. Dimensional Fund Advisors LP now owns 722,040 shares of the industrial products company’s stock worth $117,482,000 after buying an additional 2,619 shares during the last quarter. Institutional investors own 89.05% of the company’s stock.

Insider Buying and Selling

In related news, Director Andres Alberto Lopez sold 5,800 shares of the company’s stock in a transaction on Friday, March 3rd. The stock was sold at an average price of $182.00, for a total value of $1,055,600.00. Following the sale, the director now directly owns 1,315 shares of the company’s stock, valued at $239,330. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, Director Julia A. Stewart sold 930 shares of the stock in a transaction on Tuesday, May 2nd. The stock was sold at an average price of $172.99, for a total value of $160,880.70. Following the sale, the director now directly owns 15,962 shares of the company’s stock, valued at $2,761,266.38. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Andres Alberto Lopez sold 5,800 shares of the stock in a transaction on Friday, March 3rd. The stock was sold at an average price of $182.00, for a total value of $1,055,600.00. Following the completion of the sale, the director now directly owns 1,315 shares in the company, valued at $239,330. The disclosure for this sale can be found here. Insiders have sold a total of 10,572 shares of company stock valued at $1,909,693 over the last ninety days. Company insiders own 1.10% of the company’s stock.

Wall Street Analyst Weigh In

AVY has been the subject of a number of recent research reports. Truist Financial dropped their target price on Avery Dennison from $229.00 to $223.00 and set a “buy” rating for the company in a research report on Friday, February 3rd. BMO Capital Markets dropped their target price on Avery Dennison from $240.00 to $233.00 and set an “outperform” rating for the company in a research report on Monday, February 6th. Raymond James boosted their target price on Avery Dennison from $190.00 to $205.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 25th. Finally, StockNews.com began coverage on Avery Dennison in a research report on Thursday, May 18th. They issued a “hold” rating for the company. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $212.29.

Avery Dennison Stock Performance

Shares of AVY stock opened at $169.61 on Wednesday. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.73 and a current ratio of 1.13. Avery Dennison Co. has a fifty-two week low of $151.62 and a fifty-two week high of $204.37. The stock has a 50 day moving average price of $173.55 and a two-hundred day moving average price of $180.53. The company has a market capitalization of $13.69 billion, a P/E ratio of 20.41, a PEG ratio of 2.72 and a beta of 0.95.

Avery Dennison (NYSE:AVY – Get Rating) last posted its earnings results on Wednesday, April 26th. The industrial products company reported $1.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.66 by $0.04. Avery Dennison had a return on equity of 34.49% and a net margin of 7.77%. The firm had revenue of $2.07 billion for the quarter, compared to analysts’ expectations of $2.18 billion. During the same period in the previous year, the firm earned $2.40 earnings per share. The business’s revenue was down 12.1% compared to the same quarter last year. Analysts expect that Avery Dennison Co. will post 8.98 earnings per share for the current year.

Avery Dennison Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 21st. Investors of record on Wednesday, June 7th will be paid a $0.81 dividend. This represents a $3.24 annualized dividend and a yield of 1.91%. This is a boost from Avery Dennison’s previous quarterly dividend of $0.75. The ex-dividend date of this dividend is Tuesday, June 6th. Avery Dennison’s dividend payout ratio is presently 38.99%.

About Avery Dennison

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Avery Dennison Corp. engages in the provision of labeling and packaging materials and solutions. It operates through the Materials and Solutions Group segments. The Materials Group segment manufactures and sells pressure-sensitive label materials, films for graphic and reflective products, performance tapes and other adhesive products for industrial, medical and other applications, as well as fastener solutions.